The blog will offer purely objective and candid analyses for a better understanding of the events that keep happening and that provide dynamism and direction to the flow of the history and development of the human societies. Being a forum, the comments and opinions from readers whether for or against the views expressed in it, are gratefully welcome. Suggestions for improving the blog are welcome.

Thursday, April 7, 2016

The Panama Leaks and Nawaz Sharif Family

April
5, 2016

By
Saeed Qureshi

A
team of The International Consortium of Investigate Journalists (ICIJ)
leaked theDatabase Documents commonly known as Panama Papers. ICIJ
works for Panama Papers.Panama Papers is the largest
international organization of its kind across the globe. The leaked documents
involving 214000 offshore companies were researched by around 400 journalists
around the world from 80 nations.

The number of confidential documents
researched is 1.5 million. Besides 100 media organizations including BBC,
Guardian, Suddeutsche Zeitung, Falter, etc. were involved in this research.
The collected information runs into 2.6
terabytes of data.

The Central
actor or facilitator mentioned in the historic and unprecedented so titled “Panama
Leaks” is Mossack Fonseca. It is a law firm of Panama that
works globally to establish, manage and sell
the anonymous businesses and companies to prospective interested parties.

Mossack Fonseca manages the
secret assets of major banks, legal firms and asset management companies. Its
shady deals also encompass industrialists, actors, the world’s rich and famous
politicians, personalities, fraudsters, drug smugglers, professionals, etc.
Thus the beneficiaries and clients of the Mossack Fonseca can evade taxes and
and money laundering.

It prepares fake documents, creates
phony directors and hides the true identity of the actual owners of the
offshore businesses. In simple world it helps, in an apparent legal way, the
money laundering of the black or illegitimate wealth.

Undoubtedly, it is one of the
biggest and unprecedented scandals of money-laundering unearthed ever. It would
be interesting to watch what action the respective governments take against the
figures, companies, politicians and business cartels of their countries.

Whether
the Panama government or an international forum would take Mossack Fonseca to
task or the respective governments would prosecute those companies and
individuals whose names are in the papers.

In the wake of this mega
bombshell of concealment of wealth, the Iceland's primeminister Sigmundur Davíð Gunnlaugsson has resigned. There could be
many more resignations in the time to come.

From Pakistan three children of
the incumbent Prime Minister Nawaz Sharif, namely Hasan Nawaz Sharif, Hussain
Nawaz Sharif and daughter Marian Safdar have been mentioned in the Panama
Leaks.

From India there are 500
industrialists, Bollywood actors, Politicians who used the service of Mossack
Fonseca to hide their wealth. This list includes Amitabh Bachchan, Aishwarya
Rai, KP Singh, Anurag Kejriwal and many others.

In Pakistan there is a massive
backlash from the politicians against Nawaz Sharif and his family. Imran Khan,
the Chairman of the PTI and some of his colleagues have been most aggressive
vocal in this regard. They have demanded that the NAB should immediately launch an investigation into the
recent revelations about Prime Minister Nawaz Sharif and his family’s alleged
offshore wealth.

In a televised address to the nation Prime Minister Nawaz Sharif
announced to constitute a Judicial Commission to probe ‘allegations’ being
faced by his family members in the backdrop of Panama Papers leak.

Many politicians of the
opposition have rejected this decision of Nawaz Sharif and opined that judicial
commission was going to be merely an eye wash in probing the truth about the
serious accusation of money laundering as leaked in Panama Papers.

Calling for prime Minister’s
resignation, the PTI chief has
asked him to reveal to the nation how such huge sums were transferred abroad. The Chief of Jamaat-i-Islam Siraj-ul-haq has
joined the chorus of bitter condemnation and scathing censure.

Besides PTI, Sheikh Rashid, the
PPP Chairman Bilawal Bhutto, Khurshid Shah, Ayaz Amir a columnist and
Sirjul-Haq the Chief of Jamat-e-Islami and among others have castigated the
prime minister on formation of one man judicial commission.

It looks like a sudden bolt from
the blue for Nawaz Sharif government already caught up in unbridled religious
militancy and continuous and unremitting lawlessness. There could be a
possibility that opposition might force either derailing the PMLN government or
prime minister’s resignation.

. Perhaps it is the most
embarrassing and trying time for Mian Nawaz Sharif and his children although
there are many other heads of states or the governments caught into this sudden
whirlwind of hug scam. The allegations of the opposition members though
legitimate look like a political move to accuse Nawaz Sharif personally and to
replace him.

The three children of Nawaz
Sharif have tried to clarify their position yet the barrage of incrimination against Sharif family seems to be bulging. Their explanation is that they had been
doing their business out of Pakistan for about twenty years and their wealth
was not transferred from Pakistan but earned abroad.

Mariam Safdar in her press
statement said that “the info
provided by leaks does NOT say any wrongdoing involved. Distortion is willful
that a couple of media channels are using to settle scores"

It cannot be predicted how far these explanations can be effective to
convince the critics and whether the storm would finally subside or not.

About Me

Columnist/Analyst/ Former Diplomat.
After obtaining my master’s degrees in Urdu and English literature from Punjab University, I started my career by teaching in a college. Thereafter, I had a stint in the diplomatic service of Pakistan. Finally I landed in journalism, an occupation that I am wedded to for over 20 years now.
I am a strong believer in a civil society and staunch opponent of exploitation in all forms.